Major Ripple (XRP) Update for 2024

TL;DR

Ripple plans to launch its stablecoin, Ripple USD (RLUSD), pegged to the US dollar, in late 2024, primarily for institutional use. Although beta testing has begun, the product is not yet publicly available. CTO David Schwartz dismissed concerns about possible misuse during the early stages. what’s new

Ripple made waves before this when it announced that it will jump on the stablecoin bandwagon. So far, the team has revealed that the product will be called Ripple USD (RLUSD) and will be pegged to the US dollar. The company aims to launch it before the end of 2024 and it will be available on XRP Ledger (XRPL) and Ethereum.

More recently, David Schwartz (CTO of Ripple) shed more light on the upcoming initiative. He said RLUSD will “probably” only be available directly to institutions. “You can get USDC from Circle or USD from Tether, because I can’t,” the executive added.

While agreeing with this comment, an X user wondered how the stablecoin will be protected in the short to medium term with authorized trust lines. The enthusiast also warned that RLUSD could be part of the international money laundering network and facilitate other illegal activities.

Schwartz stated that this scenario is not likely to happen “except maybe in very early testing phases before someone actually uses it to store value.”

Progress so far

Ripple began private beta testing for the upcoming product earlier this summer, describing the effort as a “significant milestone” that could drive “new opportunities, liquidity, and institutional use cases for users, developers, and applications.”

In August, the team minted the first 185 RLUSD, while several days later, it burned the neckline. Some X users speculated that this could mark the end of the beta testing phase, meaning that the product is ready to see the light of day.

However, RLUSD remains unavailable for trading or purchase at this time. The Ripple team also alerted users to pay extra attention as they could become victims of bad actors who “could exploit the Ripple brand and aim to gain early access to sell Ripple USD.”

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